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Glazyev: A New Economic Era Has Begun; the Center of The World Economy Has Shifted to Southeast Asia

Glazyev: A New Economic Era Has Begun; the Center of The World Economy Has Shifted to Southeast Asia

March 23 (EIRNS) – Sergei Glazyev, the distinguished Russian economist and currently Minister in charge of Integration and Macroeconomics of the Eurasian Economic Commission of the EAEU, gave a presentation on March 22 in which he said that “a new economic era has already begun, and the center of the world economy has shifted to Southeast Asia.” As reported by Tazabek of Kyrgystan (Google translation), Glazyev said that “a new economic structure has emerged in the world, which, unlike liberal globalization, is based on a combination of strategic planning, in which the state sets goals, and a market economy, which is controlled.” The state plays a role as “regulator… It also blocks those types of private activities that cause destabilization, capital flight and disruption of the reproduction of the economy.”

“The state ensures price stability and control over the basic sectors of the economy, which provides raw materials, fuel and energy. And this is a sector where the state dominates. Here is such a mixed, and if you want – a planned market economy today is proving its advantages and the center of the world economy is moving to Southeast Asia. It is a center that includes China, India, the countries of Indochina, Japan and Korea. Today, they absolutely surpass the US and even the entire European Union in terms of production. There is no doubt that the further development of the world economy will go in this direction,” he concluded.

In other recent video interviews Glazyev has stated that the issue of a new non-dollar monetary system is under discussion, but not within the EAEU proper but more broadly, e.g. between Russian and Chinese academics. If such a new currency is developed, one option is for it to be gold-backed, and based on a treaty agreement, perhaps using the SCO as a platform, he said.

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